The Maldives Monetary Authority (MMA) has stated that the Maldives’ official reserve levels are projected to improve further to USD 903.7 million by the end of this year.
According to MMA’s Quarterly Economic Bulletin, official reserves were projected to be at USD 848.6 million by the end of 2025. This represents a significant surge in the official reserves which stood at USD 673.9 million by the end of 2024. MMA attributes the surge in the official reserves to increased foreign currency revenue collection from the Maldives Inland Revenue Authority (MIRA), and significant foreign currency inflows to the MMA due to the implementation of foreign exchange market reforms under the Foreign Currency Act.
MMA’s 2026 projections assume that the USD 500 million Sukuk repayment due in April 2026 will be refinanced.
While the growth forecasts for the Maldivian economy generated for 2025 earlier in the year ranged from 4.5 percent to 5.6 percent, real Gross Domestic Product (GDP) is now projected to grow by 5.4 percent in 2025 according to revised growth forecasts prepared jointly by the MMA and the Ministry of Finance and Planning.
Real GDP growth is projected to be in the range between 4.8 percent to 5.3 percent in 2026 driven by the expected improvements in tourism, transportation and communication and the wholesale and retail trade sectors.
MMA cautioned that the tourism dependent economy of Maldives could be hindered by global developments. The high degree of uncertainty around US trade policy could dampen consumption and investment.
The government has been taking measures to strengthen the reserves, including utilising 60 percent of US dollars received by banks to strengthen reserves under the new foreign exchange law.